EU-DIGEST

Special report on the sick state of the financial community and their collaboration with the political system

Consumers Must Revolt - Federal Reserve Chairman Ben Bernanke throws up smokescreen to appease consumers - Will Europe follow suit

The Federal Reserve Board moved Friday to place new regulations on the nation's credit-card industry that would make it more difficult for lenders to raise interest rates and would give consumers more time to pay their bills. They say if enacted, the regulations would be the most sweeping change in decades, offering consumers more protection against late fees and stopping lenders from making credit offers that regulators deem to be deceptive. "The proposed rules are intended to establish a new baseline for fairness in how credit-card plans operate," Federal Reserve Chairman Ben Bernanke said.

All this is a smokescreen by Federal Reserve Chairman Ben Bernanke to appease disgruntled consumers, and to cover-up a financial system which has gone out of control. Central banks have, and are continuing to bail out banks with tax payers money. Most of these banks have, and are continuing to act irresponsibly and without accountability. It is time for a consumers revolt and to take matters in their own hands by stopping to pay their credit card payments until legislation is passed to correct these inequalities. Leaving it up to political legislators to correct the problem will only mean more delay and certainly work in favor of the banking institutions and credit card companies to continue their uncontrolled and devious practices. The power lies with the consumers, not with the financial community and the time to act is now.

Labels: Ben Bernanke, Credit Card Companies, US Economy